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Gold Conversationalist

Re: No Part D RX plan at this time?

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Message 1 of 6

We decided to skip cobra and get completely on Medicare Part B Medigap Plan G and some kind of Part D drug plan now ...it's possible we'll wind up spending more money this way than taking the Cobra offer with the employer continuing to kick in their portion for 9 months but it's hard to say ...the Aetna plan we're  under now could easily cost more than that if something bad happened and we had to spend a lot of money before the deductible is met. ..

Our situation may be a little bit unique but the whole decision making process on this is a bit of a minefield so erring on the side of less risk even if more expensive seems our best option now.

Randy
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Valued Social Butterfly

Re: No Part D RX plan at this time?

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Message 2 of 6

Indianrock wrote:

I believe that because my wife and I will both still have our company health insurance for 9 months under cobra after my retirement date we can wait until around April to sign up for a Part D plan


Somehow, I think it is (8) months after you retire, whether or not Cobra is in the picture - but I am too tired to do anything else that involves reading tonight.

 

Do read this - #7

Medicare.gov -'COBRA: Seven Important Facts

Read #7

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Valued Social Butterfly

Re: No Part D RX plan at this time?

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Message 3 of 6

Have you considered a Medicare Advantage Plan? Most of those plans include prescription drug coverage, so Part D is not necessary. Just be aware that these plans involve networks, so it will depend on where you live, and whether or not your doctor(s) and other providers are in-network providers. You can also switch back to regular Medicare + Part B + Part D.

 

I took an Advantage Plan because I live in a large urban area where Aetna and United Healthcare both have large networks of providers. I only have one ($6/mo) prescription drug which costs me zero under the plan. 

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Gold Conversationalist

Re: No Part D RX plan at this time?

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Message 4 of 6

I believe that because my wife and I will both still have our company health insurance for 9 months under cobra after my retirement date we can wait until around April to sign up for a Part D plan

Randy
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Valued Social Butterfly

Re: No Part D RX plan at this time?

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Message 5 of 6

If you don't pick up a Part D plan during your initial enrollment period, there is an enrollment penalty.

 

Medicare.gov -'Part D late enrollment penalty

 

Medicare.gov - Ways to avoid Part D late enrollment penalty

 

Remember it is insurance and everybody has to share the risk - consider it like an individual mandate.  It does NOT matter what YOU need, it is what everybody else needs for this supplemental Medicare coverage for prescription drugs.

Insurance of this type is not something that can be looked at as personal value - it is not so much "ME" as "WE".     Woman Wink

 

if you elect to pay the penalty instead - you will still be helping others with this benefit because the penalty dollars go into the Part D Medicare account just like the penalty for late enrollment into Part B.  They (Part B and Part D) are both considered SMI - Medicare Supplemental Medical Insurance and premiums only represent about 25% of the total yearly cost of the respective programs; taxpayers pick up the other 75%.

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Gold Conversationalist

No Part D RX plan at this time?

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Message 6 of 6

We're just getting onto Part B medicare and medigap.   I take hydrochlorothiazide ( 1 25mg tablet daily ) which seems to have a cash price of around $10 a month.  The plans I find on the medicare plan finder, such as Humana's Walmart plan or United Health Care's plan seem to have premiums in the $17 -$22 a month range.   My wife takes no prescription meds at this time.

 

So not sure getting a Part D plan makes sense for us now.

Randy
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